Starbucks profits down

Starbucks has reported a 77% fall in quarterly profits. It reported a net profit of $25m. Since July it has shut 507 stores in the US and 64 shops in other countries.

It plans to add a net of 20 new stores to its global store base. Its shares rose 2 cents to $13.71 in after-hours trading. During regular trading, they rose 19 cents to close at $13.69.